Assets Recover More Than Incomes, Spending

The Fed shows the efficacy of QE in boosting asset prices. But incomes and spending lag.

The balance sheets of American households have been largely restored after their hit in the financial crisis. More so than income. What gives?

Wal-Mart Stores (ticker: WMT) sent a jolt through the markets Wednesday with news it was reducing orders with its suppliers as unsold goods pile up on its shelves. Shares of the world's largest retailer fell 1.5% in response as the Standard & Poor's 500 slumped for the fifth straight...